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28 September 2021

Altcoin Roundup: High Ethereum fees kick-start a liquidity migration to layer-1 platforms

Altcoin Roundup: High Ethereum fees kick-start a liquidity migration to layer-1 platforms


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Multiple new nonfungible token (NFT) and decentralized finance (DeFi) protocols are launching on the network, and it’s possible that this trend will continue to rise as liquidity migrates to Fantom.

Another network that has been draining liquidity from the Ethereun network is Avalanche, an open, programmable smart contracts platform specifically designed for decentralized applications.

Following the launch of the incentive program, data from Defi Llama shows that the total value locked on the Avalanche protocol surged from $311.5 million on Aug.

Avalanche has also seen a number of new DeFi and NFT protocols launch on the network, including a partnership with the collectible and trading card maker Topps, which launched its “2021 Topps Major League Baseball Inception NFT Collection” on the Avalanche network.

The ongoing migration was made possible by the launch of the Avalanche Bridge in June, and this enabled users to transfer any asset on the Ethereum network to Avalanche at a fifth of the cost previously required through the bridge.

Fantom and Avalanche are two of the more recent rising stars in the layer-one game that have been siphoning users from the Ethereum network, but they are far from alone.

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